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					</table><p>SJVN Green Energy (<a href="https://sjvn.nic.in/tender-detail/8495/98" target="_blank" rel="noopener">SGEL</a>) has invited bids for the design, engineering, supply, erection, testing, and commissioning of solar projects of a cumulative capacity of 700 MW (100 MW * 7plots) at the Khavda Renewable Energy Park in Gujarat.</p>
<p>The last date for submitting bids is November 19, 2024. Bids will be opened the same day.</p>
<p>The projects will be split into Project 1 and Project 2.</p>
<ul>
<li>Phase 1: This involves 500 MW under Gujarat Urja Vikas Nigam (GUVNL) Phase-XXI. It will consist of five plots, each with 100 MW capacity, located at the GIPCL Renewable Energy Park in Khavda.</li>
<li>Project 2: This involves 200 MW under GUVNL Phase-XXIII. It will have two plots, each with 100 MW capacity, located at the GSECL Renewable Energy Park in Khavda.</li>
</ul>
<p>Bidders can submit proposals for either Project 1 (500 MW) or Project 2 (200 MW) but must bid for capacities in multiples of 100 MW. This structure allows companies to tailor their bids according to their capabilities while ensuring that the project scale remains consistent.</p>
<p>The solar modules for these projects must be sourced from the Approved List of Models and Manufacturers issued by the Ministry of New and Renewable Energy. Bidders must submit an earnest money deposit of ₹107 million (~$1.2 million)/100 MW.</p>
<p>In the last ten years, bidders should have designed, supplied, and commissioned solar projects with a cumulative capacity of at least 30 MW, including one project of 10 MW or higher, which must have been operational for at least three months before the tender date.</p>
<p>They should have developed solar projects with a cumulative capacity of 30 MW or higher, including one project of at least 10 MW, operational for three months before the tender date.</p>
<p>Alternatively, bidders should have executed an industrial project in power, steel, oil and gas, petrochemical, fertilizer, cement, or coal mining worth ₹1.6 billion (~$19.03 million)/100 MW that has been operational for at least six months. They should also have completed an electrical substation of 33 kV or higher that has been operational for at least six months.</p>
<p>Bidders must have an annual average turnover of ₹1.6 billion (~$19.03 million)/100 MW over the last three financial years, ending on March 31 of the most recent financial year.</p>
<p>Their net worth must have been positive in the most recent financial year and in at least two of the last three financial years.</p>
<p>In May, SGEL <a href="https://www.mercomindia.com/sjvn-subsidiary-invites-bids-solar-modules" target="_blank" rel="noopener">invited</a> bids for the manufacture and supply of solar modules with a capacity of 376.60 MW for the GUVNL (Phase-XIV) solar power project.</p>
<p>In April, SGEL <a href="https://www.mercomindia.com/sjvn-subsidiary-invites-bids-solar-modules" target="_blank" rel="noopener">invited</a> bids for the outright purchase or lease of up to 800 acres of land for 28 years with all statutory clearances to set up solar power projects of 200 MW capacity in Assam.</p>


SJVN Green Invites Bids for 700 MW Solar Projects in Khavda


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					</table><p>Government-owned Power Finance Corporation (<a href="https://www.pfcindia.com/" target="_blank" rel="noopener">PFC</a>) recorded a net profit of ₹62.94 billion (~$758 million) during the third quarter (Q3) of the financial year (FY) of 2024, a 20% year-over-year (YoY) increase.</p>
<p>The public infrastructure financing company posted an income of ₹235.93 billion (~$2.8 billion), an increase of 19.9% YoY.</p>
<p>The company recorded ₹213.1 million (~$2.5 million) in dividend income and an additional ₹679.7 million (~$8.1 million) as fees and other income.</p>
<p>PFC announced a 19% growth in its consolidated loan asset book, escalating from ₹8.05 trillion (~$96.9 billion) to ₹9.54 trillion (~$114.9 billion) in December 2023, marking an increase of 18.5% YoY.</p>
<p><strong>9M 2024</strong></p>
<p>For the year’s first nine months (9M), the company’s net profit was recorded at ₹669.99 billion (~$8.06 billion), an increase of 16.41% YoY.</p>
<p>The company’s income for the period stood at ₹189.05 billion (~$2.2 billion), an increase of 25.6% YoY.</p>
<p>The company highlighted its resolution efforts, resulting in a reduction in consolidated net non-performing assets (NPAs) to its lowest level of 0.86% during April-December 2023, compared to 1.15% in the same period a year ago. Gross NPAs saw a significant decline by 78 basis points, dropping from 3.91% in the nine months of the last fiscal to 3.13% in April-December 2023.</p>
<p>The company obtains funds in various currencies by utilizing a combination of term loans from banks, financial institutions, government agencies, and non-convertible securities with varying maturity periods. As of December 31, 2023, the company has successfully met its debt servicing obligations without any defaults during the preceding nine months.</p>
<p>Recently, PFC <a href="https://www.mercomindia.com/pfc-approves-projects-discoms-under-rdss-program" target="_blank" rel="noopener">approved</a> projects worth over ₹1.17 trillion (~$14.04 billion) for various state distribution companies under the Revamped Distribution Sector Program as of September 2023.</p>
<p>The company <a href="https://www.mercomindia.com/pfc-registers-%e2%82%b966-billion-net-up-27-yoy" target="_blank" rel="noopener">announced</a> a net profit of ₹66.28 billion (~$795.5 million) during the second quarter of the financial year 2024, registering a 26.7% YoY increase.  It posted an income of ₹224.04 billion (~$2.69 billion), an increase of 15.9% YoY.</p>


PFC Posts ₹63 Billion Net Profit in Q3 FY2024, Loan Assets Rise 18.5% YoY


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					</table><p>Government-owned Power Finance Corporation (<a href="https://www.pfcindia.com/" target="_blank" rel="noopener">PFC</a>) has recorded a net profit of ₹66.28 billion (~$795.5 million) during the second quarter (Q2) of the financial year (FY) of 2024, a year-over-year (YoY) increase of 26.7%.</p>
<p>The public infrastructure company posted an income of ₹224.04 billion (~$2.69 billion), an increase of 15.9% YoY.</p>
<p>The company recorded ₹219.5 million (~$2.94 million) in dividend income and an additional ₹913.2 million (~$12.26 million) as fees and other income.</p>
<p>During Q2 FY 2024, PFC distributed loans amounting to ₹327.7 billion (~$4.38 billion), reflecting a 91% YoY increase.</p>
<p>Breaking down the disbursements by program, PFC allocated ₹72.8 billion (~$970 million) to generation, marking a YoY decrease of 18.5% from ₹89.42 billion (~$1.19 billion). The transmission sector received ₹2.66 billion (~$35.5 million), a YoY decrease of 74% from ₹10.25 billion (~$136 million)</p>
<p>In the distribution segment, PFC disbursed ₹227.79 billion (~$3.04 billion), a YoY surge of 219% from ₹71.24 billion ($950 million). It allocated ₹24.45 billion (~$326 million) for various miscellaneous programs.</p>
<p><strong>1H FY24 </strong></p>
<p>For the year&#8217;s first half (1H), the company’s net profit was recorded at ₹ 126 billion (~$1.5 billion), an increase of 28.5% YoY.</p>
<p>The company’s income for the period stood at ₹74.09 billion (~$889 million), an increase of 60% YoY.</p>
<p>For 1H FY24, PFC approved ₹704.99 billion ($8.4 billion) and disbursed ₹315.08 billion ($3.8 billion) under the late payment surcharge program.</p>
<p>PFC has recorded a 2.5-fold increase in disbursements of loans, growing from ₹217.9 billion ($2.6 billion) in 1H FY23 to ₹555.62 billion ($6.7 billion) in 1H FY24. The company attributed this substantial uptick in disbursements to lending in the distribution sector and renewable energy projects.</p>
<p>The company’s gross loan assets for renewable energy generation companies stood at ₹521.26 billion (~$6.2 billion), a YoY increase of 37.2% from ₹379.82 billion (~$4.5 billion). Out of these large hydro projects (&gt;25 MW), loan assets were ₹156.64 billion (~$1.8 billion), a slight decrease of 3% YoY from ₹161.89 billion (~$1.9 billion).</p>
<p>Solar, wind and other renewable energy project loan assets stood at ₹364.62 billion (~$1.8 billion), a YoY increase of 68% from ₹217.03 billion (~$2.6 billion)</p>
<p>Additionally, there has been a 37% increase in the renewable loan book from the first half of 2023.</p>
<p>The Net Non-Performing Asset (NPA) ratio decreased from 1.27% in the first half of 2023 to 0.98% in the first half of 2024. Similarly, the Gross NPA ratio declined from 4.38% in the first half of 2023 to 3.40% in the first half of 2024.</p>
<p>No new additions to NPA have been recorded in the past year. The majority of lending activities have been directed towards the government sector.</p>
<p>PFC supported approximately 25% of India&#8217;s installed renewable capacity throughout the specified period and is committed to maintaining this market share. The organization is concentrating on seizing funding opportunities in clean and emerging technologies, including but not limited to energy storage such as batteries and pumped hydro, e-mobility, and green hydrogen.</p>
<p>The consolidated loan asset book crossed ₹9 trillion (~$100 billion) and stood at ₹9.24 trillion (~$110 billion) as of September 30, 2023, increasing by 20% YoY.</p>
<p>To date, the PFC group has cumulatively sanctioned ₹1.24 trillion (~$14.8 billion) and disbursed ₹624.73 billion (~$7.4 billion) under late payment surcharge rules.</p>
<p>The company recorded a 21% increase in consolidated net worth, which stands at ₹1.24 trillion (~$14.8 billion)</p>
<p>In March, PFC <a href="https://www.mercomindia.com/japan-bank-loans-emissions-reduction-projects" target="_blank" rel="noopener">inked</a> a project loan agreement with the Japan Bank for International Corporation for a ¥2.6 billion (~$20.2 million) facility. PFC would use the funds under the facility to finance its renewable energy portfolio and provide competitive rates.</p>
<p>The company also <a href="https://www.mercomindia.com/pfc-loans-%e2%82%b96-33-billion-gensol-expand-ev-deployment" target="_blank" rel="noopener">approved</a> a loan of ₹6.33 billion (~$77 million) to Gensol Engineering to purchase 5,000 passenger electric vehicles (EVs) and 1,000 cargo EVs to expand its green mobility footprint.</p>
<p>In 2022, PFC <a href="https://www.mercomindia.com/power-finance-q3-profit-rises-to-%e2%82%b952-41-billion" target="_blank" rel="noopener">disbursed</a> loans of over ₹1.06 trillion (~$12.9 billion), up by 28% YoY. The higher loan disbursements fuelled the company’s robust performance for the year.</p>


PFC Registers ₹66 Billion Net Profit in Q2 FY24, Up 27% YoY


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					</table><p>Solar Energy Corporation of India (<a href="https://www.seci.co.in/" target="_blank" rel="noopener">SECI</a>) has issued a tender for selecting project developers to set up 1.3 GW inter-state transmission system (ISTS)-connected wind power projects (Tranche-XV) in India on a build own operate (BOO) basis.</p>
<p>The scope of the work includes identifying land, installation, and ownership of the project, along with obtaining connectivity and necessary approvals and interconnection with the ISTS network for power supply to SECI.</p>
<p>The last date for the submission of bids is September 20, 2023. Bids will be opened on September 25.</p>
<p>A combined capacity of 1,300 MW will be designated for integration into the ISTS substations across three specific states: Tamil Nadu (300 MW) allocated to the Karur substation, Telangana (500 MW) distributed across the Nizamabad-II, Rangareddy, and Medhak substations, and Madhya Pradesh (500 MW) divided among the Neemuch, Mandsaur, and Pachora substations.</p>
<p>The bid processing fee amounts to ₹500,000 (~$6,025.8) + 18% GST for each project from 50 MW up to 90 MW and ₹1.5 million (~$ 18,062) + 18% GST for each project from 100 MW and above.</p>
<p>Bidders must submit an earnest money deposit (EMD) of ₹1.2 million (~$15,233)/MW/project of the quoted capacity.</p>
<p>Selected bidders must provide a performance bank guarantee (PBG) before signing the PPA, valued at ₹3.16 million (~$38,044.4) /MW/project of the allotted capacity.</p>
<p>The chosen bidders will also be obligated to pay success charges amounting to ₹100,000 (~$1,205) per MW plus 18% GST, based on the capacity specified in the Letter of Award (LoA).</p>
<p>SECI will enter into a Power Purchase Agreement (PPA) with the chosen bidders for acquiring wind power for 25 years.</p>
<p>A bidder, along with its parent, affiliate, ultimate parent, or any associated group company, must present a solitary bid encompassing a minimum contracted capacity of 50 MW and a maximum of 650 MW.</p>
<p>The project must be planned for connection to the ISTS, following the existing Central Electricity Regulatory Commission regulations.</p>
<p>To connect to the grid and measure electricity, the project developer must adhere to the relevant grid code, grid connectivity standards, communication system regulations, and other rules issued by the appropriate commissions and Central Electricity Authority, which may change over time.</p>
<p>The minimum voltage level for an ISTS connection should be 220 kV.</p>
<p>The declared or revised annual capacity utilization factor (CUF) should always be above 22%. The developer must sustain electricity generation to achieve an annual CUF between 80% and 120% of the declared or revised value throughout the 25-year PPA period.</p>
<p>The tender aims to support well-established and functioning technologies to reduce technological uncertainties and ensure timely power generation from the projects.</p>
<p>Only wind turbine models certified in the Ministry of New and Renewable Energy’s Revised List of Models and Manufacturers (RLMM) will be permitted for use under the program to ensure high-quality installations and leverage the latest advancements.</p>
<p>The bidder&#8217;s net worth must be at least ₹12.6 million (~$151,853) per MW of the quoted capacity. This should be the case on the last day of the preceding financial year &#8211; 2022-23, or at least seven days before the bid submission deadline.</p>
<p>Recently SECI <a href="https://www.mercomindia.com/seci-invites-bids-power-ists-connected-renewable-projects" target="_blank" rel="noopener">invited</a> bids for selecting renewable energy developers to supply 1.5 GW firm and dispatchable power from ISTS-connected renewable energy projects under tariff-based competitive bidding.</p>
<p>SECI had also <a href="https://www.mercomindia.com/seci-invites-eoi-for-supply-of-1800-mw-of-solar-modules-under-dcr-category" target="_blank" rel="noopener">invited</a> expressions of interest for the supply of 1,800 MW (DC) of solar modules (including cells manufactured in India).</p>
<p>Subscribe to Mercom’s <a href="https://mercomindia.com/product/india-solar-tender-tracker/" target="_blank" rel="noopener">India Solar Tender Tracker </a>to stay on top of real-time tender activity.</p>


SECI Invites Bids for 1.3 GW of ISTS-Connected Wind Projects


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					</table><p>The aggregate losses for distribution companies (DISCOMs) stood at ₹502.81 billion (~$6.11 billion) in financial year (FY) 2020-21, an increase of 66% compared to ₹302.03 billion (~$3.67 billion) in FY 2019-20.</p>
<p>Aggregate losses on tariff subsidy received, excluding regulatory income and revenue grant under Ujwal DISCOM Assurance Yojana (UDAY)  for loan takeover, increased from ₹639.5 billion (~$7.77 billion) in FY20 to ₹885 billion (~$10.75 billion) in FY21.</p>
<p>The numbers were revealed in Power Finance Corporation’s (<a href="https://www.bing.com/ck/a?!&amp;&amp;p=b42e462168dbd869JmltdHM9MTY2NTcwNTYwMCZpZ3VpZD0wOTcwZmE0YS00YTAyLTZkMmMtMjFhZS1lYmNmNGJhNDZjY2EmaW5zaWQ9NTE5Ng&amp;ptn=3&amp;hsh=3&amp;fclid=0970fa4a-4a02-6d2c-21ae-ebcf4ba46cca&amp;psq=pfc&amp;u=a1aHR0cHM6Ly9wZmNpbmRpYS5jb20v&amp;ntb=1" target="_blank" rel="noopener">PFC</a>) report on DISCOM performance. The report analyzed all state-owned DISCOMs and major private ones.</p>
<p>The net worth of DISCOMs continues to be negative at ₹441.6 billion (~$5.37 billion).</p>
<p>Total borrowings by DISCOMs increased from ₹5.05 trillion (~$61.43 billion) in FY20 to ₹5.86 trillion (~$71.3 billion) in FY21. Overall Aggregate Technical and Commercial Loss (AT&amp;C) losses for DISCOMs deteriorated from 20.73% in FY20 to 22.32% in FY21.</p>
<p>DISCOMs sold 1005.04 billion units (BU) of power in FY21, a decrease of 1.88% compared to 1024.31 BU sold in FY20. Revenue from the sale of power, including tariff subsidy billed, decreased to ₹6.33 trillion (~$77 billion) in FY21 from ₹6.44 trillion (~$78.32 billion) recorded in FY20.</p>
<p>Tariff subsidy billed by DISCOMs increased from ₹1.21 trillion (~$14.71 billion) in FY20 to ₹1.32 trillion  (~$16.05 billion) in FY21. Tariff subsidies increased from 16.52% of total revenue in FY 20 to 18.53% in FY21. The tariff subsidy released by state governments decreased from 95.08% of total revenue in FY20 to 84.54% in FY21.</p>
<p>The tariff subsidy gap increased from ₹0.24 (~$0.0029)/kWh in FY20 to ₹0.41 (~$0.0050)/kWh in FY21. The gap in tariff subsidy received, excluding regulatory income and revenue grant under UDAY for loan takeover, increased from ₹0.50 (~$0.0061)/kWh in FY20 to ₹0.71 (~$0.0086)/kWh in FY21. The cash-adjusted gap increased from ₹0.83 (~$0.010)/kWh in FY20 to ₹0.95 (~$0.012)/kWh in FY21.</p>
<p>Receivables for the sale of power increased from 140 days of sale for FY20 to 161 days of sale for FY21. Payables for purchasing power increased from 164 days of sale to 176 days of sale.</p>
<p>The performance of DISCOMs and their financial status has been a huge concern for developers. The Ministry of Power has <a href="https://mercomindia.com/25-state-power-utilities-downgraded-in-annual-discom-ratings/">downgraded</a> 25 DISCOMs due to a huge difference between the revenue and cost realized per kWh, high operational and maintenance costs, poor performance on power purchases, and interest costs.</p>
<p>Many renewable energy projects have been affected by DISCOMs delaying payments or reneging on power purchase agreements. Most DISCOMs rely on loans for daily operations and cannot bring efficiencies by modernizing their systems. On average, DISCOMs face a loss of ₹0.93 (~$0.012)/kWh of input energy.</p>
<p>As a penalty for not clearing their dues to generators, in August, Power System Operation Corporation (POSOCO) <a href="https://mercomindia.com/posoco-forbids-15-discoms-from-trading-in-power-exchanges/" target="_blank" rel="noopener">debarred</a> 15 DISCOMs in six states and a union territory from buying or selling electricity at power exchanges, under the rule of late payment surcharge.</p>
<p>Mercom had earlier <a href="https://mercomindia.com/now-time-smart-meters-india/" target="_blank" rel="noopener">reported</a> about the importance and the need for installing smart meters as a first step towards DISCOM reforms. Prepaid metering can help reduce thefts and increase collection, significantly reducing AT&amp;C losses.</p>


DISCOMs’ Aggregate Loss Soars to ₹502.81 Billion in FY 2021

<p>The Madhya Pradesh Urja Vikas Nigam Limited (MPUVNL) in partnership with <a href="http://www.mpstdc.com/" target="_blank" rel="noopener noreferrer">MP Industrial Development Corporation</a> has reissued its tender for 28 MW of grid-connected rooftop solar systems.</p>
<p>The project is for the sale of solar power under the RESCO model for industries located in the industrial area of Mandideep in Madhya Pradesh.</p>
<p>The last date for the submission of the bids is September 30, 2019.</p>
<p>The scope of work includes the design, engineering, finance, supply, installation, testing, and commissioning along with the comprehensive operation and maintenance (O&amp;M) of the project for a period of 25 years.</p>
<p>The tender has now been divided into two parts—</p>
<ol>
<li>Grid-connected net-metered systems; and</li>
<li>Grid-connected systems for consumption within premises with no export of power in line with the solar policy of Madhya Pradesh.</li>
</ol>
<p>The total capacity has been divided into multiple packages of a similar kind. The size of each package is around 3.6 MW. A bidder can bid for a minimum of one package and can also bid for all the packages subject to the fulfillment of eligibility criteria.</p>
<p>The upper ceiling tariff has been set at ₹5,500 (~$77.16)/MWh for the first year. Speaking to Mercom, a senior official of MPUVNL said, “From the pre-bid meetings, it was decided that this tender will follow the reverse auction process.”</p>
<p>According to the RfP, the interested bidder should have a minimum net worth of ₹10 million (~$140,294)/MW.</p>
<p>The developer can use domestic or imported mono or polycrystalline solar PV modules as per the specifications prescribed by the MNRE. Further, the PV modules used must qualify the latest quality certifications like the International Electrotechnical Commission (IEC) or the Bureau of Indian Standards (BIS).</p>
<p>According to the tender, the power producer will also be responsible for the synchronization of the project with licensee’s network under the Madhya Pradesh Policy for Decentralized Renewable Energy Systems.</p>
<p><a href="https://mercomindia.com/madhya-pradesh-resco-tender-25-mw-rooftop-solar/" target="_blank" rel="noopener noreferrer">Earlier this year,</a>  the state had floated another tender for the installation of 25 MW of grid-connected rooftop solar photovoltaic (PV) projects, which was later increased to <a href="https://mercomindia.com/madhya-pradesh-rooftop-solar-tender-32-mw/" target="_blank" rel="noopener noreferrer">32 MW</a>. These projects were also slated to be developed under the RESCO model for the industries located in the industrial area of Mandideep.</p>
<p>MPUVNL’s previous rooftop solar RESCO auction for the state’s institutions and government buildings, saw the emergence of <a href="https://mercomindia.com/madhya-pradesh-solar-rooftop-tender-lowest-tariff/" target="_blank" rel="noopener noreferrer">lowest ever tariffs</a> in the country’s rooftop segment.</p>


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